Oil climbs, stocks swing as US nears ban of Russian crude

Published March 8, 2022 9:53 AM

By STAN CHOE
AP Business Writer

NEW YORK (AP) — Stocks around the world swung on Tuesday, oil prices rose sharply and the price of nickel surged so much that trading for it was shut in London, as the economic fallout from Russia’s invasion of Ukraine keeps rocking markets. The S&P 500 was down 0.8% in morning trading after earlier bouncing between gains and losses. It’s coming off a three-day losing streak where worries about a toxic cocktail of higher inflation and a slowing economy triggered its worst day in 16 months. U.S. oil prices rose to $128 per barrel, as President Joe Biden has decided to ban imports of Russian oil.

Article Topic Follows: AP National Business

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